(Newser)
–
Yet more money trouble for Mitt Romney: His campaign has been put on the defensive by reports that he has millions of dollars stashed in a Caribbean tax haven. Romney has around $8 million invested in a dozen funds based in the Cayman Islands, and another investment worth between $5 million and $25 million listed as having been domiciled in the Caymans, ABC reports. Romney's campaign calls the ABC report "flat wrong" and says Romney is paying the same amount of tax he would if the funds were based in the US.

Experts say that although Romney is still subject to US taxes, investing in the Caymans still offers financial benefits. Using an offshore investment vehicle helps investors "avoid a whole series of small traps in the tax code that ordinary people would face if they paid tax on an onshore basis," a Washington lawyer specializing in offshore banking says. Any savings made will be revealed when Romney releases his tax returns, which he says he will probably do in April.

This is but the tip of the iceberg. Romney is worth around three times what his campaign reports and trying to hide it is futile. The man got rich on the backs of ordinary Americans and it will cost him in the general election.

Jespersen

Jan 19, 2012 6:26 PM CST

This is unbelievable. Didn't Romney know this would come out? Thanks to ABC network for disclosing this.

Doctor-Zaius

Jan 19, 2012 6:03 PM CST

Here's an interesting post by that Liberal Rag the Wall St. Journal that says that basically Romney was dodging a tax. The “unrelated business income tax,” which would have eaten up about 35% of his little nest egg had it been in the US. http://blogs.wsj.com/washwire/2012/01/19/romney-iras-offshore-investments-helping-his-tax-bill/ But hey, what does the Wall St. Journal know about taxes and such...Those commies.